Partners Group, Atlas Capital acquire N.Y. mixed-use property for $400m

Square Mile Capital has sold its stake in the Factory Building in Long Island City, N.Y., to a joint venture comprised of Partners Group and Atlas Capital Group, reported The Real Deal.

Square Mile and Atlas Capital previously owned a shared 51 percent stake in the 1 million-square-foot office-and-retail property. Atlas kept its interest and partnered with asset manager Partners Group to buy out Square Mile, which increased Atlas’ overall stake in the property. Invesco Real Estate owns the remaining 49 percent of the property.

The three firms bought the building out of bankruptcy in 2013 for $102 million and in 2016, the partners refinanced it with a $160 million loan from Blackstone Mortgage Trust, reported The Real Deal.